This form is used when all activities and operations on the Contract Area have ceased, and the Agreement is deemed, as of the Effective Date stated above, to have terminated, and the Contract Area, and all interests in it, are no longer subject to the terms and provisions of the Agreement.
Virginia Termination of Operating Agreement
Category:
State:
Multi-State
Control #:
US-OG-768
Format:
Word;
Rich Text
Instant download
Description
How to fill out Termination Of Operating Agreement?
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FAQ
Management of limited liability company. A. Except to the extent that the articles of organization or an operating agreement provides in writing for management of a limited liability company by a manager or managers, management of a limited liability company shall be vested in its members.
The document required to form an LLC in Virginia is called the Articles of Organization. The information required in the formation document varies by state.
17050. (a) In order to form a limited liability company, one or more persons shall execute and file articles of organization with, and on a form prescribed by, the Secretary of State and, either before or after the filing of articles of organization, the members shall have entered into an operating agreement.
The registered agent may by instrument in writing, acknowledged before a notary public, designate a natural person or persons in the office of the registered agent upon whom any such process, notice or demand may be served.
An operating agreement may contain any provisions regarding the affairs of a limited liability company and the conduct of its business to the extent that such provisions are not inconsistent with the laws of the Commonwealth or the articles of organization.
Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
Since LLCs are registered with the state, a dissolving company will have to inform the state about its plan to close the business. To do this, submit a completed Articles of Cancellation to the Corporation Commission online or by mail. The filing costs $25.
Negotiate and execute an operating agreement. Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
